$SPY #Options – Calls on the bounce day…

The great trader and “market wizard” Linda Raschke, talking about trading setups, once said “when you see what you’re looking for, jump all over it.”

As outlined in the post yesterday, I was looking for a market bounce, possibly as early as a “turnaround Tuesday,” and voila! The bounce began in the futures overnight and followed through on the open into an upswing for most of the day before selling off into the close (see the tweet and charts below).

The SPY in-the-money 281 call (SPY opened at 281.99), Wednesday’s expiration, netted a final 52% for the day trade, $5200 for each $10K traded.

(click on the chart to see the complete Twitter thread)

The Final chart:

(click on the chart for a larger view)

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